There are some people who are searching for the highest point in England and it is probably good for society that there are. But it is probably not good for them. Some will struggle to the top of Scafell Pike, but more of them are tired and lost in the valleys, taking Prozac.
He discusses the principal-agent problem here, and how the enthusiasm for markets led to a focus on customer satisfaction that ultimately eroded trust in the entire profession of auditing.
Since the audit process is one in which the property owners – the shareholders – pay for the police and the potential burglars – the corporate executives – appoint them, we should expect scrutiny to be costly but not rigorous and frequently this is what we find.